March 25, 2020
Houston-based Hines, along with a joint venture partner, closed on 11 acres in north Phoenix with plans to develop a 325-unit luxury for-rent residential property. The site, located at the northwest corner of Happy Valley Road and 35th Avenue, will consist of six, three-story buildings.
An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318,000 square feet. Construction is expected to start in Q4 2020.
The site is part of a larger 23-acre commercial development by the Pederson Group of Phoenix, which owns the adjacent existing 167,000-square-foot Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ project on Happy Valley Road.
The North Phoenix land acquisition follows Hines’ breaking ground on Adeline, its first luxury for-rent property in the Phoenix market. The 25-story, 379-unit high-rise community is at the Collier Center in downtown Phoenix.
For comments, questions or concerns, please contact Dennis Kaiser